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Walter Investment Management Corp. Announces Plans For Incremental First Lien Facility

TAMPA, Fla., Jan. 15, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE MKT: WAC) (the "Company") announced today it has engaged Credit Suisse Securities ( USA) LLC, Morgan Stanley Senior Funding Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to assist it with the arrangement of an incremental $475 million facility to its existing $700 million senior secured first lien term loan facility maturing on November 28, 2017.  The Company intends to use the proceeds of borrowings under the incremental facility to the senior secured first lien term loan facility to  fund the initial installments for the purchase of the mortgage servicing rights ("MSRs") related to the $93 billion in UPB of servicing from Bank of America, to pay related transaction costs and expenses and for working capital and general corporate purposes. 

Mark J. O'Brien, Walter Investment's Chairman and Chief Executive Officer, said, "We are confident in our ability to access the debt markets to obtain the necessary funding for the acquisition of the Bank of America MSRs, which enhances our ability to drive shareholder value at attractive terms.  This is in line with our expectations for the term loan facilities when they were refinanced last fall.  We believe we remain well-positioned to capitalize on the continued secular shifts occurring in the mortgage sector. "

The incremental borrowings under the facility are expected to be secured by liens on substantially all of the Company's assets.

Walter Investment's ability to obtain an incremental facility to its existing senior secured first lien term loan will be subject to the receipt of commitments from lenders to provide the facility, the negotiation and execution of definitive loan documents and the satisfaction of other conditions.

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